SBI Mutual Fund has slashed its exposure to engineering & capital goods, cement & construction, automotive and pharmaceuticals space. However, it has increased its weightage to banking & financial services, information technology, chemicals stocks.

A study of equity portfolios of SBI mutual fund for April 2008 shows that the fund has sold engineering & capital goods stocks. Suzlon Energy, Carborundum Universal and Praj Industries topped the list of sell, on while it has bought Punj Lloyd, BGR Energy Systems and L&T. (View - All Bulk Deals by Mutual Funds)

In the cement & construction segment, Nagarjuna Construction, IVRCL Infrastructure and Jaiprakash Associates were in the list of top sells while Hindustan Construction Company, GMR Infrastructure and India Cements were in the list of top buys. It has made fresh entry in Subhash Projects but exited Simplex Projects.

In the automotive pack, fund house accumulated additional shares at lower levels compare to its previous month. Maruti Suzuki India and Apollo Tyres topped the list of buys while it introduced Ashok Leyland in the portfolio.(Check out - Which sectors are attracting Fund Managers?)

In the pharmaceutical sector, Orchid Chemicals, Ranbaxy Laboratories and Cipla were in the list of top sells, it exited GlaxoSmithKline Pharmaceuticals. However, DLF and Dishman Pharmaceuticals were in the list of top buys. The fudn house made fresh entry into Glenmark Pharma.

In the metal space, it has sold over 7 lakh shares of Welspun Gujarat. Gujarat Mineral Development Corporation and JSW Steel topped the list of sells while Hindalco Industries, Steel Authority of India and Usha Martin topped the list of buys.

SBI Mutual Fund scaled up its exposure to banking & financial services, information technology, and chemical stocks. In the banking & financial services, Infrastructure Development Finance Company, Andhra Bank and ICICI Bank topped the list of buys while Indiabulls Real Estate, Bank Of India and Power Finance Corporation topped the list of sells while IDFC, Andhra Bank and ICICI Bank topped the list of buys. It newly entered to Federal Bank.

In the Information Technology sector, it bought Tanla Solutions, Tata Consultancy Services and Infosys Technologies while Subex and KPIT Cummins Infosystems weighed heavy on its sell side. It also exited from Megasoft.

In the chemical space, Gujarat Alkalies and Chemicals, United Phosphorous, Reliance Petroleum and Tata Chemicals topped the list of buys.